Today’s Bitcoin price action proves that $30,000 isn’t the strong support everyone thinks it is. noshitcoins explains why $BTC price might be heading to $29,000.
Multiple pieces of data point to the Bitcoin price falling below $29,000 in the short term.Let’s investigate the main issues contributing to the current downside in the Bitcoin price.
Bitcoin encountered difficulties breaking above $31,800 on July 13, resulting in a 6.3% correction down to $29,700 on July 17. The price action could reflect investors’ concerns that ongoing regulatory developments and macroeconomic headwinds could drive Bitcoin below the $29,000 level, which was last observed on June 21.
However, the Tether premium in Asia has been declining. The stablecoin premium serves as an indicator of demand from China-based retail crypto traders, measuring the difference between peer-to-peer trades and the U.S. dollar.The Tether premium in Asia recently reached a discount of 1.8%, marking its lowest point in over six months. This inverse premium trend started on July 12 and has continued to widen, indicating moderate sell pressure.
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